UK think tank: PH economy to be ‘badly hit’ by COVID-19 pandemic

The Philippines is one of emerging markets that would take a big hit from the economic disruption of the COVID-19 pandemic, which would be made even worse by insufficient health care systems and reliance on bigger economies, according to UK think tank Oxford Economics.

“The COVID-19 pandemic will badly hit all emerging market economies,” said Oxford Economics in a report on March 24, “EM coronavirus rankings—bad for all, awful for some.”

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“Limitations in health care, fiscal buffers, and economic structure typically make emerging markets more vulnerable to major external shocks,” the think tank said.

Oxford Economics noted that during the 2009 financial crisis, emerging markets “suffered a bigger hit to activity” than advanced economies.

Edited by TSB

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